SAP and LVMH Earnings Push European Stocks Higher

European stocks rose on Wednesday, as positive business results for German software company SAP and French luxury goods maker LVMH offset fears of a possible setback for the COVID-19 vaccination program on the continent.

The European Stoxx600 index rose 0.1%, with shares of the technology and personal and household goods sectors among the biggest gainers.

SAP shares rose 2.6% after raising earnings expectations for the current year following the announcement of first-quarter results that showed gains in cloud computing sales.

LVMH advanced 2.5% after sales rebounded faster than expected in early 2021 as shoppers in the United States and China took advantage of the easing of COVID-19 restrictions.